Moneythor, a leading solutions provider which has assisted various banks globally including ANZ, DBS and Standard Chartered amongst others to provide deliver personalised digital banking experiences, has been selected by Ogaki Kyoritsu Bank (“OKB”) in Japan to launch LiFit, a personal recommendations service OKB is providing to helping its customers manage their finances better.
The innovative service goes live today.
LiFit will enable OKB to implement a data-driven approach to solve financial challenges that customers may encounter, and to provide personalised experiences that meet the rapidly changing needs of customers in this digital age.
Building upon this successful launch, Moneythor will further expand activities in Japan to offer the tailored digital experiences that customers increasingly expect following the COVID-19 pandemic.
With an ambition to provide customers with ongoing support to improve their financial wellbeing and address their concerns around lifelong wellbeing and planning driven by longer life-expectancy, OKB selected the Moneythor solution to address those customer demands through its digital channels. Moneythor and Nihon Unisys worked together during the project to deploy and integrate the Moneythor solution in the OKB App.
LiFit automatically analyses account balances and transactions and delivers engaging visualization and content geared towards improving personal finances.
Making personal finance visible:
Users can view the velocity of their expenditure with a comparison of expenses between the latest month and the past average with expenses broken down by categories.
A holistic financial overview:
The AI-based feature of the service analyses customers transactional
data and generates truly personalised recommendations and insights. It also helps with notifying customers about recurring transactions and sends them alerts if they go over budget.
LiFit enables users to understand financial wellbeing, and what they can do to achieve it. Through gamification-style recommendations, customers can participate in challenges, set savings goals, and understand what investments suits their needs and risk appetites the most.
Commenting on the announcement, Olivier Berthier, CEO & Co-Founder of Moneythor said, “We are delighted to see this exciting project with OKB and Nihon Unisys coming to fruition with the official launch of the LiFit service to the bank’s customers. It is an exciting first of its kind service in Japan where consumers are able to enjoy highly personalised assistance to improve their financial wellness right inside their bank’s digital channels. We are honored to have been able to participate in this new development and we are looking forward to contributing to the deployment of more data-driven personalised digital banking services in the country.”
Jiro Yasuda, Corporate Officer & General Manager, IT Management Division, The Ogaki Kyoritsu Bank, Ltd said, “Our personal recommendation service “LiFit” has been implemented with the Moneythor solution. With LiFit, we are going to achieve better communications across both physical and digital channels, rebuild closer relationships with our customers, and provide improved customer experiences. We are pleased and excited to work with Moneythor and Nihon Unisys to address the new challenge of providing personalized recommendations to each customer based on advanced data management techniques.”
Ken Tanaka, Corporate Officer, Nihon Unisys, Ltd., said, “It is our great pleasure to see the Moneythor solution powering “Lifit”, the new service OKB has released. With our know-how in ICT and technologies to enable data utilization, Nihon Unisys has been supporting digital transformations for regional customers through alliances with partner companies. We are looking forward to further contributing improvements to the digital experiences of customers through our partnership with Moneythor.”